Deloitte has produced an update of their report, ‘Digital disruption – short-fuse, big bang?’, which identifies that professional services (of which accountants are part) are going to encounter significant ‘digital disruption’ up to 2017, amounting to a 32% drop in business activity.
Deloitte suggested that, to minimise threats posed by ‘digital disruption’ and to maximise an organisation’s ‘digital potential’, it’s about ensuring businesses are ‘digital survivors’. Deloitte suggested:
- recalibrating cost structures;
- replenishing revenue streams; and
- reshaping corporate strategies.
Recalibrating cost structures
- Can you ‘re-jig’ your cost structure?
- How does the business’ costs compare to new ‘digital’ competitors?
- How can the business get more competitive?
- Can the supply chain be improved?
- Can products be sourced on a ‘just in time’ basis to reduce warehousing costs?
- Could administration costs be reduced by putting administration in the ‘cloud’?
Replenishing revenue streams
- Consider what old products can be replaced with new products.
- Should you commit to a strategy to introduce new products over the next two years, such as:
- Business Advisory Services
- ‘Virtual’ Chief Financial Officer (CFO) Services
- Retirement Planning
- Accessing Pensions
- Retirement/Nursing Home Planning
- Risk Management – Personal Property Securities Register (PPSR) Due Diligence Reviews
- Estate Planning
- Taxation work is changing – less returns, more of a commodity product!
- What further changes are likely to occur over the next three years?
Reshaping corporate strategies
- Which of your assets are declining in value?
- Can you divest yourself of any of your present business and then invest in new activities which will create growth?
- How is ‘cloud’ technology affecting your business, market and competitors?
- What services are your clients seeking? Are you going to be able to supply them?
Deloitte indicated that, “ultimately, digital disruption will affect every corner of Australian business and society.”
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|Date and Time|| |
Key Educational Feature
|Tuesday 14 October 2014 – 1pm AEST (2pm AEDT)||PPSR Due Diligence System||1|
|Tuesday 23 October 2014 – 11am AEST (12pm AEDT)||Products in Business Advisory Services||1|
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